FirstEnergy lowers sale price for natural gas-fueled power plants

Ohio-based FirstEnergy Corp. has dropped the sale price for five natural gas-fueled power plants and a hydroelectric facility in an effort to close a “drawn-out deal” with a New York-based private equity firm, reports the Pittsburgh Post-Gazette. The newspaper says First Energy had announced in January 2017 that it would sell four natural gas power plants in Allegheny, Greene, Luzerne and Franklin counties in Pennsylvania and a hydroelectric plant in Virginia to LS Power Equity Partners III LP for $925 million. But FirstEnergy has now amended its agreement with LS Power, lowering the overall sale price to $825 million and adding its interest in another natural gas plant in Virginia, according to the Post-Gazette. For more, read the full story.